The loans given out by the VA have proven to have the lowest foreclosure rates in the mortgage industry. Record breaking numbers of Veterans are taking notice and using their benefits as VA loan origination’s reached their highest amount in eight years.
“The continued strong performance and high volume of VA loans are a testament to the importance of VA’s home loan program and a tribute to the skilled VA professionals who help homeowners in financial trouble keep their homes,” said Secretary of Veterans Affairs, Eric K. Shinseki.
Last year the number of veterans that were helped through an almost default on their mortgage loan reached 72,391. These men and women were either able to retain their homes or avoid foreclosure. This number of veterans helped increased from the previous year’s number 66,030. At the same time foreclosure rates have dropped by a nearly 28 %.
The year of 2011 alone guaranteed 357,594 loans, a dramatic increase of 14% that’s nearly 50,000 more loans than the year of 2010 according to the VA. There are over 1.5 million VA home loans out in circulation as we speak. The VA home loan program gains its strength from its employees nationwide who are on their on personal mission to ensure all veterans and service members are aware and receive all the opportunities to remain in their homes, avoid foreclosures and downgrades to their credit from the consequences of foreclosures.
“We are committed to making even more Veterans and Servicemembers aware of this important benefit and delivering the assistance they deserve when financial difficulties arise,” said VA’s Under Secretary for Benefits Allison A. Hickey.
If you think a no money down VA home loan might be a viable option for you click here to see if you qualify.